Liberty Wisely Creates Tracking Stocks

The cable and media giant also announced plans to drop its bid to acquire SiriusXM. Expect more gains.

Liberty Media shares are surging Friday after the cable and media giant announced plans to drop its bid to acquire SiriusXM and would split into two tracking stocks. We expect more gains.

After Thursday's closing, Liberty Media Corp. (ticker: LMCA) said it would reclassify its common stock into two tracking stocks, Liberty Media Group and Liberty Broadband Group, with shareholders getting one share of the former and four of the...